January 12, 2014

Weekly outlook

Some signs of buying emerge but nifty fails to hold at day's highs. In context of the broader rangebound trading, this is a bullish sign. This is also supported by a 4% drop in VIX.

This is the candlestick formed on EOD charts. The level of 6240 spot is the SL if you are short. Holding above this level will be bullish.

Weekly charts give no clear clues... while the broader view is of an expanding triangle (bearish), there is no follow thru behaviour of this pattern. Suffice to say at this point that holding 6100 can be bullish in the short term.

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